If you’ve been deciding on contract management software, here’s the current takeaway as businesses jockey forward into modernizing their business software stack:
This year alone will cost businesses half a million dollars in poor integration, according to the 2019 State of Ecosystem Integration Application Report (Business Wire).
- 95% of businesses seek to adopt integrative solutions but 38% feel unconfident to scale these initiatives.
- B2B companies are especially challenged by integrating SaaS applications as well as on-boarding users.
Yes, scaling is tough business.
Yet, when it comes to contract management in 2019, per IACCM, research shows that in 75% of contract negotiations, parties never meet fact-to-face. Meaning that technology is now the predominant driver of the art and ease of contract collaboration and negotiation.
The data highlights that businesses are lining up on two sides of structuring: either continuing to bootstrap legacy software, or integrating to modernize business systems.
Trillium Health Resources, a North Carolina government agency, immediately reduced contract-related costs by up to 50%, and gained a positive return of investment within the first month of implementation.
Control the Controllables
When it comes to contract management, where does your business land in the matrix of “controlling the controllables”?
One of the most appealing reasons to adopt new technology is the way in which it simplifies your current systems. It integrates with legacy processes and technology that you’re comfortable using that are used across your organization.
In considering online contracts, whether it’s how to redline a contract, or how to factor in the stages of contract management, it’s good to understand how others are using a software platform with existing, legacy applications, and how your business can get on board, too.
Here’s a year in review of integrations with contract lifecycle management (CLM) and how to use these for your business.
1. Salesforce Integration is on the Rise
Integrate your contract management software with Salesforce. Harnessing a robust, legacy software like Salesforce for your business to adopt better contract management processes mobilizes adoption.
How do businesses use a CLM with Salesforce?
- Create contracts with Salesforce data fields
- Track signatures, renewals, and deadlines in Salesforce
- Easily find contract information
It’s simple to integrate Concord’s CLM with Salesforce as an out-of-the-box solution with a one-click step to integration. The platform is bi-directional and easy to navigate between.
2. Legacy Repository Integration Remains Important
Of course you want to know your contracts are in safe hands. The general fear of many businesses is that committing to a contract lifecycle management platform may create risk in accessing their contracts down the line.
(Concord’s high standard ensures you will always have access to all your contracts, so there’s no need for concern!)
However, in 2019, many businesses continue to opt for repository integration with Google Drive or Dropbox, where they’ve organized and housed their contracts for years.
How do businesses use a CLM for repository integration?
Businesses pursue this integration not only for a sense of safekeeping but also because it may be an easier way to think about how to integrate a CLM into the processes and systems they know and like.
To that end, as businesses become more confident in CLM platforms as a one-stop repository, they’re likely to abandon housing multiple copies in digital spaces.
Also, keep in mind, using a CLM solely as a repository is not the safest means to safeguard your business as a whole. The SEIAR report shows that poor integration has resulted in a loss of $250,000 to $500,000 for 57% of business, and in some cases upwards of $1 million annually. That’s due in part to low visibility and under-resourced end-to-end user navigation.
Concord offers businesses the option to save and store a copy of a signed contract on both the Concord platform and in legacy repository sites like Google Drive and Dropbox. By integrating with Concord, once a document is fully executed, it can be automatically saved to both the Concord repository and commonly used repositories like Dropbox, Box, and Google Drive.
However, a single source of truth for contract control and management makes sense. You not only store contracts, but can track them using customizable tagging and structuring so you have, well, more “control of your controllables” and mitigate risk.
3. An Aim to Modernize Collaboration Away from Email
In 2019, many businesses integrate existing platforms and tools with Slack. The space allows you to send secure files, receive notifications, customize threads, and opt in or out of messaging threads.
From CRMs to automated messaging chat apps, Slack offers businesses a few ways to easily integrate to the platform.
Messaging is increasingly becoming a part of the business systems landscape. One study revealed that only 6% of teens—who will be heading into the workforce—use email as a form of messaging, though 95% had an “active online presence.” Gen Z also prefers collaborative information experience over email or traditional mediums for communication. (Forbes)
Email remains central to the business ecosystem as a whole. But, collaborative spaces, like Slack, provide a customizable and easy alternative for secure and more immediate communication.
Moreover, Marketplace also notes that Slack is a connective thread throughout business systems, and it’s popular with both startups and enterprise businesses.
Integrate Contract Management Software with Slack?
Businesses who are targeting substantial growth goals may underutilize API integration when they don’t have a clear understanding of the steps or the far-reaching benefits to integrate. Using Slack as an example, you may want to create and set-up Slack notifications and collaboration around certain stages of the contract lifecycle management process. Or, you may want to automatically send and share a document when it’s fully executed to certain stakeholders.
At Concord, your business can integrate contract management software with a well-documented REST-ful API to systems you already use, like Slack, which plays well with more complex services.
However, the reality is that while the decision to move toward integration is never a linear one, the evidence points to this transformation at some time in your business growth and profit. The benefits are clear:
- Customizability to scale business processes
- Branded experience
- Increased visibility of data
Instead of doing it all on your own, it’s easiest to demo software first, to educate yourself and save time in decision-making.
Founded in 2014 and headquartered in San Francisco, Concord enables over 200,000 companies around the globe to connect all their people, processes, and contracts in one place. Built with intuitive features—like online negotiation and editing, deadline alerts, and approval workflows, Concord gives users everything they need for the entire contract lifecycle, making growth and compliance synonymous.